Beyonce Fires Her Dad

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NEW YORK - NOVEMBER 21: Singer Beyonce Knowles attends a screening of 'I AM...World Tour' at the School of Visual Arts Theater on November 21, 2010 in New York City. (Photo by Jemal Countess/Getty Images)

It's just business, Dad. Nothing personal.

Matthew Knowles, the father of Beyonce and her manager since she joined Destiny's Child as a teen, has been dropped by the singer.

Amid rumors that a new single is on the way, Beyonce made the announcement through an official statement that made it clear this change in managerial direction has nothing to do with family drama.

"He is my father for life and I love my dad dearly," the singer said in a statement quoted by E! Online. Beyonce then acknowledged the impact Matthew had on her career, adding that she and her father are separating only "on a business level."

Matthew shepherded Destiny's Child (he also represented Kelly Rowland) on their way to becoming a multi-platinum selling trio, and guided Beyonce to three blockbuster solo CDs, 16 Grammy awards and an acting career that included a lead role in the hit comedy "Austin Powers in Goldmember," and critically-lauded turns in the Academy Award-winning "Dreamgirls" and "Cadillac Records" (where she played music icon Etta James).